The Central Bureau of Investigation (CBI) court in Kochi on Monday sentenced three persons to two years of imprisonment in connection with a loan fraud case. The convicts have been identified as C.P. Maggie, the director of Edassery Institute of Hotel Management, A.P. Varghese, a former senior manager of the Union Bank of India, and E.J. Davis, the managing partner of Edassery Resorts.
Varghese was found guilty under Sections 420 and 120 B of the Indian Penal Code, and Prevention of Corruption Act 13(1)(d). He has been sentenced to undergo imprisonment of two years and pay fine of ₹1 lakh.
The second and third accused, Maggie and Davis, were found guilty of offences under Sections 420 and 120B and require to undergo imprisonment of two years and pay fine of ₹50,000 each.
ADVERTISEMENT
As per the case, Varghese, while working as senior manager of the Union Bank of India in Kattappana, conspired with the other accused and disbursed a housing loan of ₹15 lakh to Maggie against bogus documents. During the investigation, it was revealed a building had already been constructed on the property for which the loan was sanctioned.